TLDR:
- Techstars Seattle, a longstanding institution in the Seattle tech ecosystem, is shutting down as the accelerator shifts focus to cities with more robust venture capital communities.
- Techstars Seattle played a key role in helping build and invigorate Seattle’s startup ecosystem, with more than 200 companies going through its accelerators and raising over $2.8 billion in private capital.
Techstars Seattle, one of the first accelerators to emerge from the Techstars program, is shutting down. The decision to close the Seattle program comes as Techstars plans to focus on markets with the most robust venture capital communities, such as San Francisco, New York, Boston, and Los Angeles. The news was unexpected for the Seattle tech community, where Techstars has been a significant player since 2010.
Former Managing Director Chris DeVore expressed surprise at the decision and highlighted the success of Techstars Seattle, noting that it produced unicorns like Remitly, Outreach, and Zipline. Despite the closure, Techstars will continue to support founders from across the Pacific Northwest through other programs. Techstars CEO Maëlle Gavet explained that the company is refocusing its efforts on running programs in the largest tech ecosystems to better support entrepreneurs.
The closure of Techstars Seattle is part of a broader shift within the company, which recently laid off staff and paused operations in Austin. Techstars CEO Maëlle Gavet emphasized the importance of being plugged into thriving ecosystems for founders to succeed, leading to the decision to focus on cities with high concentrations of venture capital activity.
Amidst the closure, key team members from Techstars Seattle will be taking on new roles within the company to continue supporting founders in different capacities. Despite the end of Techstars Seattle’s operations, the impact of the program on the Seattle startup ecosystem over the past 14 years is undeniable.
